Johnson & Johnson Buys 18% Of Elan For $1B

Johnson & Johnson, the US health care products maker, agreed to acquire an 18.4% stake in Elan Corp, the Irish biopharmaceutical company. Johnson & Johnson will invest $1 billion in Elan in exchange for newly issued American Depositary Receipts which represents 18.4% of the company. Citigroup advised Elan on the deal.